<p>The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.</p>

<p>For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.</p>

<p>Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.</p>

<p>It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.</p>

<p>Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=372547]</p>

<p>Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.</p>

<p>"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.</p>

<p>"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.</p>

<p>"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.</p>

<p>"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360975]</p>

<p>While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.</p>

<p>The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.</p>

<p>One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.</p>

<p>The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.</p>

<p>Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.</p>

<p>The city's entrepreneurial culture is also translating into business growth.</p>

<p>Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.</p>

<p>Development activity remains another key indicator of confidence.</p>

<p>There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.</p>

<p>[smartcode_project:default project_id=112024 project_image_fid=343235]</p>

<p>Importantly, the report notes the next phase of investment will need to extend beyond residential development.</p>

<p>While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.</p>

<p>Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.</p>

<p>"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.</p>

<p>"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365786]</p>

<p>Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.</p>

<p>For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.</p>


Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

<p>Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.</p>

<p>The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.</p>

<p>Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=150414 project_image_fid=372743]</p>

<p>Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.</p>

<p>"What we are seeing is a shift in how people define value in property," Bakir says.</p>

<p>"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.</p>

<p>"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."</p>

<p>[smartcode_project:default project_id=150414 project_image_fid=372744]</p>

<p>Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.</p>

<p>Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.</p>

<p>The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.</p>

<p>[smartcode_project:default project_id=150414 project_image_fid=372742]</p>

<p>A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.</p>

<p>Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.</p>

<p>A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.</p>

<p>Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.</p>

<p>[smartcode_project_cta:default project_id=150414]</p>


Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

<p>The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.</p>

<p>The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.</p>

<p>The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.</p>

<p>Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.</p>

<p>The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.</p>

<p>The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.</p>

<p>Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.</p>

<p>The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.</p>

<p>Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.</p>

<p>"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.</p>

<p>"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."</p>

<p>Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.</p>

<p>"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.</p>

<p>"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."</p>

<p>Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.</p>

<p>"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.</p>

<p>"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."</p>

<p>The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.</p>

<p>Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.</p>

<p>"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.</p>

<p>"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."</p>

<p>Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.</p>

<p>"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.</p>

<p>Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.</p>

<p>Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.</p>

<p>"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.</p>

<p>"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."</p>

<p>The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.</p>


NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

<p>Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.</p>

<p>Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.</p>

<p>The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=146717 project_image_fid=372212]</p>

<p>Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.</p>

<p>"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.</p>

<p>"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."</p>

<p>[smartcode_project:default project_id=146717 project_image_fid=372227]</p>

<p>Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.</p>

<p>A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.</p>

<p>The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.</p>

<p>Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.</p>

<p>[smartcode_project:default project_id=146717 project_image_fid=372225]</p>

<p>While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.</p>

<p>The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.</p>

<p>The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.</p>

<p>[smartcode_project:default project_id=146717 project_image_fid=372222]</p>

<p>The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.</p>

<p>Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.</p>

<p>"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.</p>

<p>The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.</p>

<p>The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.</p>

<p>Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.</p>

<p>"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.</p>

<p>"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."</p>

<p>Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.</p>

<p>[smartcode_project_cta:default project_id=146717]</p>


Lowe Living launches Jardin House in Camberwell

<p>As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.</p>

<p>Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.</p>

<p>At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=6395]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.</p>

<p>Rothelowman says the site itself shaped much of the architectural response.</p>

<p>“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=6399]</p>

<p>Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.</p>

<p>The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.</p>

<p>Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.</p>

<p>“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=353235]</p>

<p>A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.</p>

<p>The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.</p>

<p>The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=6390]</p>

<p>“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”</p>

<p>At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.</p>

<p>ALAND has commenced construction, and is expecting a completion date in 2028.</p>

<p>[smartcode_project_cta:default project_id=134323]</p>


The Walden pairs house-scale living with North Sydney connectivity

<p>Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.</p>

<p>From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;</p>

<h2>What is the Help to Buy Scheme?</h2>

<p>The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.</p>

<p>The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).</p>

<p>Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.</p>

<p>Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.</p>

<p>The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.</p>

<p>There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.</p>

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

<p>To qualify for the Help to Buy Scheme, applicants must meet the following conditions:</p>

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

<p>While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.</p>

<p>The scheme is expected to commence in NSW in late 2025, as part of a national rollout.</p>


Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

<p>The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.</p>

<p>While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.</p>

<p>It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.</p>

<p>Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.</p>

<h2>New South Wales First Home Owner Grant</h2>

<p><strong data-end="252" data-start="225">First Home Owner Grant:</strong> Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.</p>

<p><strong data-end="413" data-start="389">Stamp Duty Benefits:</strong> Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.</p>

<h2>Victoria South Wales First Home Owner Grant</h2>

<p><strong>First Home Owner Grant:</strong> Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.</p>

<p><strong>Stamp Duty Benefits</strong>: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.</p>

<h2>Queensland First Home Owner Grant</h2>

<p><strong data-end="920" data-start="893">First Home Owner Grant:</strong> Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.</p>

<p><strong data-end="1162" data-start="1135">Stamp Duty Concessions:</strong> Provides additional concessions for properties valued up to $800,000.</p>

<h2>Western Australia First Home Owner Grant</h2>

<p>&nbsp;</p>

<p><strong>First Home Owner Grant:</strong> Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.</p>

<p><strong>Stamp Duty Concessions:</strong> Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.</p>

<h2>Australian Capital Territory First Home Owner Grant</h2>

<p><strong data-end="1617" data-start="1590">First Home Owner Grant:</strong> Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.</p>

<h2>South Australia First Home Owner Grant</h2>

<p><strong>First Home Owner Grant:</strong> Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.</p>

<p><strong>Stamp Duty Relief:</strong> Available for new homes and vacant land purchases.</p>

<h2>Tasmania First Home Owner Grant</h2>

<p><strong>First Home Owner Grant</strong>: Offers a $10,000 grant for new homes and off the plan purchases.</p>

<p><strong>Stamp Duty Exemption</strong>: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.</p>

<h2>Northern Territory First Home Owner Grant</h2>

<p><strong>First Home Owner Grant:</strong> The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.</p>

<p><strong>Stamp Duty Exemption</strong>: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).</p>

<p><em>Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.</em></p>


Every First Home Owner Grant for new property by state

<p>In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.</p>

<p>Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.</p>

<p>Some systems assess individual building components, while others provide an overall rating for the entire structure.</p>

<p>A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.</p>

<p>NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.</p>

<p>As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.</p>

<h2>What is NatHERS?</h2>

<p>NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;</p>

<p>NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;</p>

<p>NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.</p>

<p>The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.</p>

<h2>How NatHERS Ratings Work</h2>

<p>NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.</p>

<p>The tools can model complex effects of building mass, insulation, window size, and other elements.</p>

<p>The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.</p>

<p>The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;</p>

<p>Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.</p>

<p>Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.</p>

<h2>Benefits of Higher NatHERS Ratings</h2>

<p><strong>Energy Efficiency:</strong> Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.</p>

<p><strong>Cost Savings:</strong> Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.</p>

<p><strong>Environmental Impact:</strong> Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.</p>

<p><strong>Improved Comfort: </strong>Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.</p>

<p><strong>Market Value and Desirability:</strong> Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.</p>

<p><strong>Compliance with Building Codes:</strong> NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.</p>


The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

<p>Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.</p>

<p>Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.</p>

<p>Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.</p>

<h3>Convenience and accessibility</h3>

<p>Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.</p>

<p>[smartcode_project:default project_id=114215 project_image_fid=204874]</p>

<p>The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.</p>

<h3>Vibrant lifestyle and community</h3>

<p>One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.</p>

<p>[smartcode_project:default project_id=107714 project_image_fid=214122]</p>

<p>The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.</p>

<h3>Potential for higher rental yields and property value appreciation</h3>

<p>Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.</p>

<p>[smartcode_project:default project_id=139989 project_image_fid=212887]</p>

<p>The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.</p>

<h3>Enhanced security and maintenance</h3>

<p>Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.</p>

<p>[smartcode_project:default project_id=108019 project_image_fid=212658]</p>

<p>Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.</p>

<h3>Live-work-play balance</h3>

<p>One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.</p>

<p>The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.</p>


alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

<p style="line-height: 1.38;">When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.</p>

<p style="line-height: 1.38;">Often the largest outlay, after the deposit which goes to the bank, is stamp duty.</p>

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

<p>Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.</p>

<p>It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.</p>

<p style="line-height: 1.38;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe></p>

<h2>Who pays Stamp Duty?</h2>

<p>In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.</p>

<h2>How much does Stamp Duty cost?</h2>

<p>Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.</p>

<p>You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!</p>

<p>Overall, the stamp duty you need to pay will depend on:</p>

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

<p style="line-height:1.38">Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.</p>


Ellen Walker

Off-the-plan property explained: What is stamp duty?

<p>Are mortgage holders set to get a reprieve from the RBA in 2026?</p>

<p>Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.</p>

<p>NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.</p>

<p>“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.</p>

<p>"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.</p>

<p>Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.</p>

<p>“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”</p>

<p>Dr Auld said inflation risks and labour market outcomes would be important to watch.</p>

<p>“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”</p>

<p>She said tighter financial conditions are expected to weigh on housing and activity.</p>

<p>“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”</p>


Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

<p>Des and Nobu had been searching for a property for several years before finding their dream home at <a href="/buildings/penny-place-17-penny-place-adelaide"><u><strong>Penny Place</strong></u></a> in central Adelaide.&nbsp;</p>

<p>With over 200 Urban property listings in South Australia alone, we understand how overwhelming the variety of choice can be when it comes to choosing an off-the-plan apartment. Here's how Des and Nobu narrowed their search and wound up with their brand new apartment.&nbsp;</p>

<figure><a href="/buildings/penny-place-17-penny-place-adelaide"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="348" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/penny-place-17-penny-place-adelaide-1e1d85fb56ba7cfe85eb073656e9965a.jpg?itok=aqUUEIoS" width="580" /></a></figure>

<h2><strong>WHY PENNY PLACE?</strong></h2>

<p>Penny Place has many selling points, but it was a combination of the prime location, exceptional customer service and architectural reputation of the designer that won Des and Nobu over.</p>

<blockquote>
<p><em><strong>"The central location, view to the hills and the Woods Bagot design are very appealing to us.&nbsp;</strong></em></p>

<p><em><strong>We attended a sales promotion event in the display suite and met CEO Mark Jarman. His response to our concerns about buying an apartment gave us the confidence to go ahead and sign a contract."</strong></em></p>
</blockquote>

<figure><a href="/buildings/penny-place-17-penny-place-adelaide"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="417" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/penny-place-17-penny-place-adelaide-ad4ee200756d9cc05eafa8fe10e5ea71.jpg?itok=AiAhJ9HL" width="580" /></a></figure>

<p>Des and Nobu also commented that the livability of the apartment was a major drawcard.</p>

<blockquote>
<p><em><strong>"We love the symmetry of the two-bedroom, two-bathroom floorplan and that every room has a full floor-to-ceiling and wall-to-wall view of the city and hills. The seamless flow from the rooms to the balcony will create a more spacious feeling when entertaining, and no step to the balcony gives safer access."</strong></em></p>
</blockquote>

<figure><a href="/buildings/penny-place-17-penny-place-adelaide"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="264" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/penny-place-17-penny-place-adelaide-e10be7a7681873af0449f8f060123832.jpg?itok=y87OdqJd" width="580" /></a></figure>

<h2><strong>THE PRE-REQUISITES</strong></h2>

<p>After living in central Tokyo over a decade and enjoying the city vistas, Des and Nobu decided they wanted to move to a home with a view again. Penny Place apartments feature a range of vantage points, including views of the Adelaide hills, the ocean and the city, giving Des and Nobu the outlook they were looking for.&nbsp;</p>

<p>Other features that were on their 'must-have' list included a second bathroom, a Japanese style toilet with a built-in bidet function, no carpet, and, as avid cooks, adequate bench space was essential.&nbsp;</p>

<h2><strong>WHAT WAS IT LIKE BUYING OFF-THE-PLAN?</strong></h2>

<p>When asked about their experience buying off-the-plan from Flagship Property Group, Des and Nobu explained that they were happy with the experience.&nbsp;</p>

<blockquote>
<p><em><strong>"The friendly manner of the selling agents made us comfortable to ask questions, and because we had never purchased off the plan before, we had many!&nbsp;</strong></em></p>

<p><em><strong>We were encouraged to visit the display suite as often as we wanted, and the agents and developers enabled us to visit Kodo next door several times to make comparisons and to confirm the east or west facing view was what we wanted.&nbsp;</strong></em></p>

<p><em><strong>Finally, the patience displayed by the Development Manager was extraordinary, as we asked him many times to cost the various changes we wanted to make to our apartment."</strong></em></p>
</blockquote>

<figure><a href="/buildings/penny-place-17-penny-place-adelaide"><img alt="" class="image-article_full_width_580px" data-entity-type="" data-entity-uuid="" height="290" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/penny-place-17-penny-place-adelaide-4b7a7ffac80a3f756c9dac132b8cd355.jpg?itok=T48IetJn" width="580" /></a></figure>

<h2><strong>THE DUE DILIGENCE TEST</strong></h2>

<p>Des and Nobu explained that they searched the internet to check out Flagship Property's recently completed major developments. These include residential and lifestyle projects in Melbourne, Perth and Sydney, as well as significant government and commercial projects across the country, such as Royal Adelaide Hospital. Flagship Property's glowing track record of landmark developments gave Des and Nobu the confidence to buy their new off-the-plan property, knowing that their home will be built to a high standard.&nbsp;</p>

<blockquote>
<p><em><strong>"We know a couple who bought off the plan into East Park Kent Town, others in Ergo on Norman Street. They all negotiated variations to the plans to create small changes to suit their unique needs and design preferences. They are all very happy with their apartments, felt it was worth the wait for the construction to be completed, and love the inner-city lifestyle."</strong></em></p>
</blockquote>

<h2><strong>ADVICE FOR BUYERS</strong></h2>

<p>Des and Nobu have a final word of advice for anyone considering buying within the Penny Place development.</p>

<blockquote>
<p><em><strong>"If you commit early you have a greater choice of apartments and then the chance to make changes to your apartment that cannot be achieved once construction is completed."</strong></em></p>
</blockquote>

<p><em>Want to learn more about the Penny Place apartments currently available for sale? Speak to a sales consultant today <a href="/buildings/penny-place-17-penny-place-adelaide"><u><strong>via Urban</strong></u></a>.</em></p>


Olivia Round

Buyer testimonial: Des & Nobu share why they bought a Penny Place apartment in Adelaide

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<p>Much like last month, with COVID-19 still present in Australia, it is quite difficult to pinpoint exactly what is going to happen with the Newcastle local property market, according to the July Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
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<p><span>The report first provided a COVID update.</span></p>
<p><span>"With restrictions around open houses and auctions being lifted, there has been an increase in potential buyers visiting properties for sale; however, we are still not seeing anywhere close to the sales volumes we would normally expect," the valuation firm said. </span></p>
<p><span>Agents in the area are reporting numbers of properties being listed are on the increase but they are down on the same period last year due to the ongoing pandemic. </span></p>
<p><span>The most recent weeks have seen widespread activity with properties still being sold and the savvy investor on the lookout for a bargain. </span></p>
<p><span>Across the Newcastle and Hunter region house prices have remained relatively flat across the board with the region proving to hold its own in light of recent global events.</span></p>
<p><span>"Now onto this month’s topic. </span>With our lazy $700,000 we’ve chosen to spend in the suburb of Woodberry NSW, and buy not just one, BUT TWO houses.</p>
<p>"Where is Woodberry you ask? Great question. Woodberry is located between two of the largest towns in the Hunter region, approximately 21kms south east of Maitland and 22kms north west of Newcastle,," the valuation firm said. </p>
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<p><span>The suburb is well serviced by shopping facilities and schools with the Stockland Greenhills major shopping centre located in East Maitland and a number of primary and secondary schools close by. Public transport is readily available with </span>a number of buses running the entire suburb and Beresfield Train Station just 1.5kms away.</p>
<p>Commuters to Newcastle are only a 20 minute train ride or 25 minutes by car or a short 15 minute train or car ride from Maitland.</p>
<p><span>Woodberry is also strategically located close to the new Maitland Hospital (approximately 10kms) which is currently under construction, and on track to open early 2022. </span></p>
<p><span>The new hospital will provide great employment opportunities within the area and meet the growing health service needs for the Hunter Valley, the report noted. </span></p>
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<p><span>"Now that we’ve established its strategic location close to major CBD’s, shopping, schools, hospital and transport. Let’s look at some stats!" the valuation firm said. </span></p>
<p><span>According to Corelogic the median sale price for houses in Woodberry NSW is $330,000 (for the 12 months to 31/03/2020).</span></p>
<p><span> Over the last 5 years the suburb has seen growth of 4.2% per annum and 3% per annum over 10 years. </span></p>
<p><span>The median sale price for houses in the Maitland LGA over the same period was $480,000; with growth of 4.6% per annum and 4.0% per annum over 5 years and 10 years respectively.</span></p>
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<p><span>The median rental yield in Woodberry is 5.7% gross with a median rent of $359 per week (for the 12 months to 31/03/2020). That sure beats a 1% return on a term deposit, the report noted. </span></p>
<p><span>The median rental yield in the Mailtand LGA over the same period was 4.6% gross.</span></p>
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<p><span>The HTW report provided some examples of recent sales and rentals in the area.</span></p>
<p><a href="https://www.realestate.com.au/sold/property-house-nsw-woodberry-132856638" target="_blank">8 Curlew Crescent Woodberry </a>sold for $340,000 in March 2020 (pictured below).</p>
<p><span>The property was purchased by an investor and rented at settlement for $360 per week. Representing a gross yield of 5.50%.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/woodberry.jpg" alt=""> </span></p>
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<p><a href="https://www.realestate.com.au/sold/property-house-nsw-woodberry-133531378" target="_blank">16 Kookaburra Parade Woodberry</a> recently sold for $323,000 in May 2020 (pictured below).</p>
<p><span> The selling agent advises the property would rent for approximately $340 per week. Representing a gross yield of 5.47%.</span></p>
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j.ballantyne1990-6AQqhLzZaK

What a lazy $700,000 can buy in Newcastle: HTW residential  

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<p>Following a five-week international design competition, award-winning Australian practice BVN has emerged as the winner to design the redevelopment of Sydney’s iconic 125-year-old City Tattersalls Club, located at 194 – 204 Pitt Street.</p>
<p>BVN’s innovative design was selected as the unanimous winner by a panel of six jurors after several weeks of careful consideration for what would respectfully integrate with the building’s heritage components and further improve Sydney’s city centre.</p>
<p>The winning design was commended for its well-considered podium that creates a sophisticated connection between the ground-floor Club facilities and the new tower above, resulting in a considered, elegant, and holistic overall composition to the project.</p>
<p>The scheme’s superior internal planning resulted in a highly effective floorplan, maximising the views and amenity of the apartments and hotel rooms, whilst drawing natural light deep into the tower’s public and common spaces. The apartment layouts resolve the complex structural requirements for building over the heritage Club whilst making wonderful places to live.</p>
<p>BVN’s proposed 49-storey tower produces a contemporary and calm facade that would add an elegant, landmark structure to Sydney’s iconic city skyline.</p>
<p>In their decision the jury noted the expressed intentions of BVN’s team to collaborate closely with FJMT, the nominated architect underseeing rejuvenation of the heritage components of the building, to ensure a rich integration of the tower with the existing structures below - an essential consideration of the site’s overall redevelopment.</p>
<p>When asked to comment on the winning BVN design, FJMT’s Design Director, Richard Francis-Jones, said, “This is a wonderful vision for the integration of city apartments, hotel, and the unique City Tattersalls Club in a sustainable and inspiring new urban complex. BVN's insightful concept for a tower characterised by lightness, floating above a more solid hotel podium will form a gentle back drop and transition with the landmark heritage buildings of Pitt Street. It is a great concept and we are looking forward to working with BVN to realise a project both of sensitivity and landmark quality.”</p>
<p>The design competition’s full shortlist of competing architects included five of Australia’s most renowned firms; Hassell, Bates Smart, SJB, BVN, Candalepas Associates, as well as leading international architecture practice DP Architects.</p>
<p>The City Tattersalls Club redevelopment is a joint-venture project undertaken by a consortium led by Singapore-based First Sponsor Group Limited and ICD Property – in collaboration with the City Tattersalls Club.</p>
<p>After a successful international design competition, the development group is now working towards finalising design details with BVN in preparation for submission of a Stage 2 DA later this year.</p>
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BVN wins international design competition for Sydney’s City Tattersalls Club

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<p><span>During these extraordinary times, NAB has taken the decision to publish aggregated customer data categorised by industry segment with the view to helping provide clarity around which segments of the economy have been most affected by the broader macroeconomic trends at play.</span></p>
<p><span> NAB takes data privacy very seriously. All customer transaction data has been aggregated and no individual’s data is specifically identified or analysed as part of this process. The data used in this report will not be sold or made publicly available, but insights from the data will be shared with the Australian people.</span></p>
<p><span>NAB’s latest Data Insights highlight a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y for the week ended July 18. Spending slowed in all states and territories (except SA/NT). It is now weakest in VIC (-0.7 per cent) with this result heavily influenced by lockdown in metropolitan Melbourne. NSW is also weakening faster than most. Relative to last year, overall spending growth slowed (or fell further) in all industries, but overall growth continues to be supported mainly by spending on Construction and Retail Trade.</span></p>
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<p> </p>
<p>Source: NAB Group Economics.</p>
<p><span>Payment inflows across all industries were flat (0.1 per cent) in the 4-weeks to July 18 (4-week average terms). Inflows are still falling heaviest for corporates. By industry, they were down most in Mining, Transport and Hospitality, and were strongest in Agriculture, Manufacturing, Retail Trade and Professional, Scientific &amp; Technical Services.</span></p>
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<div class="column">NAB’s latest Data Insights point to a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y in the week ending July 18 (9.8 per cent in the previous week), but still roughly at levels seen in late-February.</div>
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<div class="column">Consumption spending eased in all states except SA/NT (8.9 per cent). It fell sharply in VIC, which is now the only state showing a negative result (-0.7 per cent). This spending hit was driven by sharp falls in lockdown areas (-3.6 per cent), with non-lockdown areas still growing by more than 8 per cent. Spending growth halved in NSW (6.1 per cent) compared to the previous week, and was strongest in the NT (19.6 per cent) and WA (12.5 per cent).</div>
<div class="column"> </div>
<div class="column">Relative to last year, overall spending growth eased (or fell faster) in all industries. But overall growth continues to be underpinned mostly by spending on Construction (albeit slowing to 19.6 per cent from 39.9 per cent in the previous week) and Retail Trade (which also eased to 18.3 per cent from 25.1 per cent in the previous week). Spending on Hospitality (the biggest sector of the economy) fell 14.6 per cent (down 10.1 per cent last week). Spending on Administration &amp; Support Services is still very weak (-70.9 per cent), with sizeable falls also persisting in Transport, Postal &amp; Warehousing (-43.0 per cent) and Education &amp; Training (-22.6 per cent). </div>
<div class="column"> </div>
<div class="column"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/24/16_By%20Industry%201.jpg" alt="" style="caret-color: #000000; color: #000000;"></div>
<div class="column">Source: NAB Group Economics.</div>
<div class="column"> </div>
<div class="column">Payment inflows (in year-on-year 4-week moving average terms) were basically flat (0.1 per cent) for the 4 weeks ending July 18 compared to the same time last year, but improved from the previous week (-2.9 per cent). By business size, inflows grew in both large (5.0 per cent) and emerging (2.7 per cent) firms. Inflows into corporates however fell for the fourth straight week (-6.4 per cent), with smaller falls of around 21⁄2 per cent in both medium and small firms.</div>
<div class="column"> </div>
<div class="column">By industry, payment inflows into Accommodation continue falling steeply (-16.5 per cent), although this was the slowest rate of decline seen since late-March. Inflows into Mining firms however turned down sharply (-26.9 per cent), with inflows into Transport, Postal &amp; Warehousing also still falling heavily (-16.6 per cent). Inflows into Education fell 4.6 per cent after falling 22.0 per cent in the previous week. Payment inflows were strongest into Agriculture (12.2 per cent), Manufacturing (11.4 per cent), Retail Trade (11.2 per cent) and Professional, Scientific &amp; Technical Services (10.0 per cent). </div>
<div class="column"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/24/16_By%20Industry%202.jpg" alt=""></div>
<div class="column">Source: NAB Group Economics.</div>
</div>
</div>
</div>
</div>
</div>
</div>
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Impacts of coronavirus on consumption based spending and business payment inflows: NAB

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<p>A total of 313,700 sqm of Premium and A-Grade projects in the past six months has given Melbourne’s CBD a new milestone of the largest CBD office market in Australia, according to JLL Research.</p>
<p>In Q2 2020, JLL Research found that the Melbourne CBD’s total office stock was 4,953,033 sqm. Now, with the practical completions of three new major developments this month, the Melbourne CBD reaches a new stock total of 5,107,840 sqm. Sydney’s total office stock for Q2 2020 was 5,024,240 sqm.</p>
<p><em>The three office completions crowning Melbourne as the largest office CBD in Australia include the following developments:</em></p>
<p>1. Cbus Property and Keppel REIT’s Victoria Police Centre at 311 Spencer Street, including 65,000 sqm of office space.</p>
<p>2. The Lendlease Two Melbourne Quarter at 697 Collins Street, including 46,350 sqm of office space.</p>
<p>3. Dexus 80 Collins Street, including 42,960 sqm of office space.</p>
<p>JLL’s Managing Director (Victoria) - Craig Shute said, “The completion of these three projects marks a real inflection point in the dynamics of Australian CBD’s.'</p>
<p>Melbourne is now the largest Australian city in terms of commercial office space and this status is unlikely to change. This rapid rise is testament to Melbourne’s balanced economic drivers and will result in an increase of national and global investment capital seeking a foothold or looking to expand their portfolios in the city."</p>
<p>"We are confident Melbourne will rebound relatively strongly as we recover from the current COVID-19 restrictions and re-open for business,” He added.</p>
<p>Other projects completed in the Melbourne CBD earlier this year include Mirvac and Suntec REIT’s Olderfleet building at 477 Collins Street (56,584 sqm), Charter Hall’s Wesley Place at 130 Lonsdale Street (55,000 sqm) and Cbus Property and ISPT’s Collins Arch at 447 Collins Street (47,517sqm).</p>
<p>Whilst a large amount of supply is being delivered to the market, there is very little vacancy, with 94% of the 313,700 sqm office stock being delivered in 2020 already pre-committed, according to JLL Research.</p>
<p>JLL’s Senior Research Director (Victoria) - Annabel McFarlane said, “JLL has been tracking office stock in Melbourne’s CBD office market since 1970, when the size of the market was just 1.45 million sqm."</p>
<p>"The most significant contribution to this growth has been Docklands as a new CBD precinct, delivering just over 1 million sqm of new, high quality office stock and pushing Melbourne to now Australia’s largest CBD office market, just larger than Sydney’s CBD office market,” she said.</p>
<p>Ms McFarlane continued, “Significant momentum and strong demand throughout the last 20 years has supported office market development. Melbourne’s CBD office market has accounted for 40% of all CBD net absorption (1.7 million sqm) in the six CBD markets we track. This compares to Sydney (739,900 sqm), Canberra (647,600 sqm), Brisbane (542,850 sqm), Perth (293,700 sqm) and Adelaide (291,300 sqm).”</p>
<p>Melbourne and Sydney’s CBD office markets are comparable in size to several major international CBD office markets including Madrid which stands at 6.5 million sqm, Barcelona at 4.9 million sqm and Berlin at 4.5 million sqm.</p>
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Melbourne takes crown as the largest CBD office market in Australia: JLL

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<p>This week, auction volumes are expected to remain somewhat steady on both a week-on week and year-on-year basis.</p>
<p>CoreLogic are currently tracking 1,190 auctions this week, while final results last week saw 1,154 auctions take place and one year ago 1,111 auctions were held.</p>
<p>In Melbourne, 275 homes are set to be auctioned this week, down on the 357 last week and the 500 last year.</p>
<p>There are 692 Sydney homes set to go under the hammer this week, increasing by over 20% on last week’s volumes (566) and almost double the number of auctions held over the same week last year (367).</p>
<p>Adelaide (46), Brisbane (109) and Canberra (51) all have a lower number of auctions scheduled over the week, while volumes are higher across Perth (17).</p>
<p><img src="https://www.urban.com.au/images/2020/8/6/CL%20AUG%202.JPG" alt=""></p>
<p>Ray White Drummoyne’ Chris Wilkins is gearing up for a good result this weekend at the auction of 7 Burnell St, Drummoyne (pictured in title).</p>
<p>The newly built five bedroom Drummoyne mansion looks out towards Iron Cove and Rodd Island. </p>
<p>“We have had 256 groups in just three weeks. There’s been massive interest from older families from across Sydney and we even have a couple of expat buyers looking to come home,” Mr Wilkins said.</p>
<p><img src="https://f.datasrvr.com/f1/820/68483/Trafalgar_Ave,_Petersham.JPG" width="640" data-imagetype="External"></p>
<p>The two bedroom apartment at 4/347-349 Trafalgar St, Petersham (pictured above) is also set to fly on Saturday with Ray White NSW CEO Jason Andrew calling the auction.</p>
<p>The Petersham unit is being sold by Ray White Surry Hills | Alexandria | Glebe | Erskineville Associate Director Matthew Carvalho who has given out a price guide of $800,000 to $850,000.</p>
<p>“We’ve had a lot of interest in Petersham, it’s one of those popular inner west suburbs that is going through gentrification at the moment and attracting lots of young professionals and young families,” Carvalho said.</p>
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Sydney auction volumes again leaping ahead of Melbourne's Stage 4 slump

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<p>EXPERT OBSERVER</p>
<div>
<div id="post-body-4211962439133051469" class="post-body entry-content">
<div>There was a resurgence in homebuyer finance in June, but not in Victoria, where finance commitments dropped sharply. </div>
<div> </div>
<div>Unfortunately for Melbourne, this trend will only continue through July and August...and into September.</div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-gF79nLAcUM4/XyoSdvUDgtI/AAAAAAAA3d0/0FQojubIv-c-xXccTfWU79gepvpeC7t5ACNcBGAsYHQ/s640/A3.jpg" width="640" data-original-height="804" data-original-width="1388"></div>
<div> </div>
<div>First homebuyer commitments zipped higher, but there was another sharp 9 per cent drop in Victoria, following on from a similar decline in the month of May.</div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-wZlMW6-hve0/XyoS1GGoJmI/AAAAAAAA3eU/ZaszYYTBge0Kzo_hXpBf4TPtAEA7issYwCNcBGAsYHQ/s640/FHB1.jpg" width="640" data-original-height="799" data-original-width="1420"></div>
<div> </div>
<div>Overall, stripping out refinancing housing finance jumped +6.2 per cent, despite Victoria's woes. </div>
<br><div class="separator"><img src="https://1.bp.blogspot.com/-yTuEodvSQRw/XyoSdvDNknI/AAAAAAAA3d8/5rWgS_q77vIxgfkdo9wnuvUGGJHzEIt_gCNcBGAsYHQ/s640/A4.jpg" width="640" data-original-height="798" data-original-width="1441"></div>
<div> </div>
<div>The average mortgage size has been a bit all over the place of late, possibly due to there being more first homebuyers in the market. </div>
<div> </div>
<div>AFG's quarterly numbers showed a record high mortgage size in Q2, albeit only just.</div>
<div> </div>
<div>Basically flat would be another way to describe the figures (and the same for the ABS data).  </div>
<br><div class="separator"><img src="https://1.bp.blogspot.com/-SLMdAg1gUlc/XyoSeorD_JI/AAAAAAAA3eE/CmCCLxqbo2k84D06MWp6qUdpVhUXOASIACNcBGAsYHQ/s640/afg2.jpg" width="640" data-original-height="801" data-original-width="1372"></div>
<div> </div>
<div>There was enormous strength in the average mortgage size in New South Wales, which hit a record high, but not so in Victoria. </div>
<br><div class="separator"><img src="https://1.bp.blogspot.com/-Hc8xWagT5ig/XyoSeWzCIpI/AAAAAAAA3eA/nFg25VvGcW0_53ZOQT7J_FRHrrFBYfLeQCNcBGAsYHQ/s640/afg.jpg" width="640" data-original-height="800" data-original-width="1364"></div>
<div class="separator"> </div>
<div>Overall, a decent rebound ex-Melbourne.</div>
<div> </div>
<div>Note that this bounce was also before the HomeBuilder boom kicks in.</div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-xXJGgLlmN0k/XyoVkKyWXiI/AAAAAAAA3eo/plUMvEQClnYwlzCiQx2kqEXurgSoIWdVQCNcBGAsYHQ/s640/A5.jpg" width="640" data-original-height="304" data-original-width="755"></div>
<div> </div>
<div>New South Wales will also see a surge in activity up to $1 million resulting from the stamp duty discounts announced on July 27. </div>
<div> </div>
<div>Victoria recorded some 725 cases of COVID-19 over the past 24 hours, ensuring that the Stage 4 lockdown will almost certainly run for weeks to come. </div>
</div>
</div>
<p><strong>PETE WARGENT</strong><em><strong> </strong>is the co-founder of AllenWargent property buyers and a best-selling author and blogger </em></p>
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pwargent-M4siyDbqQY

Homebuyers returning, but not in Victoria: Pete Wargent

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<p class="x_x_x_MsoNormal" style="text-align: left;" align="center">Homestar Finance has claimed the title of the lowest fixed rate on the market for new home buyers and refinancers.</p>
<p class="x_x_x_MsoNormal">The new rate of 1.98 per cent is fixed for one year, reverting to an ongoing variable rate of 2.49 per cent. The rate requires borrowers to have a 20 per cent deposit and comes with upfront fees of $1,010.</p>
<p class="x_x_x_MsoNormal">RateCity.com.au analysis shows if an owner-occupier with a $400,000 home loan switched from the average existing owner-occupier rate of 3.28 per cent, to this new rate from Homestar Finance they could potentially save $3,796 in the first year, including refinancing costs, or $15,816 in the first five years. </p>
<p class="x_x_x_MsoNormal">Sally Tindall, research director at RateCity.com.au, said today's rate cut would ignite further competition among the low-cost lenders in a bid to claim the title of Australia’s cheapest home loan.</p>
<p class="x_x_x_MsoNormal">“At 1.98 per cent, this is the lowest fixed rate available to everyday Australians, but it’s important to remember it only lasts for a year. That said, the revert rate is still significantly lower than the big four banks’ variable rates,” she said.</p>
<p class="x_x_x_MsoNormal">Despite no move to the cash rate, lenders are continuing to cut both fixed and variable rates. Just last week, loans.com.au launched a new lowest introductory variable rate of 1.99 per cent for one year.</p>
<p class="x_x_x_MsoNormal">“It’s starting to feel like the end of an auction where the competitors are edging each other on in small increments,” she said. </p>
<p class="x_x_x_MsoNormal">“But they’re all playing ball, pushing each other below the two per cent barrier.</p>
<p class="x_x_x_MsoNormal">“We expect rates to keep nudging lower over the next few months as lenders try to capitalise on the current refinancing boom,” she said.</p>
<p class="x_x_x_MsoNormal"><strong>Lowest 1-year fixed rates on RateCity.com.au</strong></p>
<table class="x_x_x_MsoNormalTable" style="width: 337px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal"><strong>Lender</strong></p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal"><strong>Advertised rate</strong></p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">Homestar Finance</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">1.98%</p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">Greater Bank</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.09%</p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">UBank</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.14%</p>
</td>
</tr>
</tbody></table>
<p class="x_x_x_MsoNormal"> </p>
<p class="x_x_x_MsoNormal"><strong>Lowest 2-year fixed rates on RateCity.com.au</strong></p>
<table class="x_x_x_MsoNormalTable" style="width: 337px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal"><strong>Lender</strong></p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal"><strong>Advertised rate</strong></p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">Homestar Finance</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.06%</p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">HSBC</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.09%</p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">BCU</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.12%</p>
</td>
</tr>
</tbody></table>
<p class="x_x_x_MsoNormal"> </p>
<p class="x_x_x_MsoNormal"><strong>Lowest 3-year fixed rates on RateCity.com.au</strong></p>
<table class="x_x_x_MsoNormalTable" style="width: 337px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal"><strong>Lender</strong></p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal"><strong>Advertised rate</strong></p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">UBank </p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.14%</p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">BCU</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.16%</p>
</td>
</tr>
<tr>
<td width="225">
<p class="x_x_x_MsoNormal">Macquarie Bank, Westpac</p>
</td>
<td width="112">
<p class="x_x_x_MsoNormal">2.19%</p>
</td>
</tr>
</tbody></table>
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Home loans hit new record low of 1.98 per cent

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<p>Residential prices continue to be holding through June 2020 in the Illawarra, according to the July Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
<div class="page" title="Page 34">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>The report suggests there remains a relatively low amount of stock on the market which is driving a bit more competition amongst buyers.</span></p>
<p><span> Realistically priced and conventional properties are selling within two months in most cases.</span></p>
</div>
<div class="column">
<p><span>"Ten years ago, $700,000 would have given you the pick of many properties throughout the Illawarra with only the more desirable areas out of reach, however strong price increases over the past decade have restricted a purchaser with $700,000 to spend," the valuation firm said. </span></p>
<p><span>This is the approximate median house price in suburbs such as Figtree and Flinders, although townhouses or units can still be picked </span>up for under $700,000 in suburbs such as Thirroul and Bulli and older houses can be purchased in Corrimal and Russell Vale.</p>
<p>There have been plenty of new units built in Wollongong over the past couple of years and $700,000 will pick up a decent quality two-bedroom unit with a bit of a view.</p>
<p>A two bedroom apartment in Wollongong CBD has recently been sold for $488,500. </p>
<p>The <a href="https://www.realestate.com.au/sold/property-apartment-nsw-wollongong-134021110" target="_blank">3/6 Market Place</a> home (pictured below) comes with sleek kitchen, two oversized bedrooms, and renovated bathroom. </p>
<p>It is situated within close proximity to eateries and beach. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/wollongong%20cbd%20.jpg" alt=""></p>
<p>In high growth areas such as West Dapto (Horsley, Wongawilli and Kembla Grange) and Calderwood, a new four-bedroom house on a 450 square metre lot can be purchased for under $700,000, the report noted. </p>
<p>A current listing is a four bedroom house in Horsley priced at $649,000.</p>
<p>The recently updated home at <a href="https://www.realestate.com.au/property-house-nsw-horsley-133293570" target="_blank">11 Lucas Drive </a>(pictured below) comprises four bedrooms,  living and dining spaces, two bathrooms, and gardens. </p>
<p>It is situated close to schools, eateries, transport and Wollongong CBD.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/horsley.jpg" alt=""></p>
<p><span>"We see mainly younger families or couples purchasing at this price point with second house buyers or downgraders often above this market. </span></p>
<p><span>"Pandemic conditions have not brought any significant price decreases in our market, however there is still a decent level of uncertainty in the short to medium term as government stimulus packages and local and macro economies grapple with a recession." the valuation firm said. </span></p>
</div>
</div>
</div>
</div>
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What a lazy $700,000 can buy in Illawarra: HTW residential  

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<p class="legacy">GUEST OBSERVER</p>
<p>The announcement of stage 4 restrictions in Victoria marks a new, and depressing, stage in Australia’s response to COVID-19.<a href="https://theconversation.com/profiles/brendan-coates-154644"></a></p>
<p>The new measures will close non-essential retailers and most <a href="https://theconversation.com/victorias-child-care-shutdown-is-a-hard-blow-for-working-mothers-143837">child-care centres</a> across Melbourne, and impose stringent controls on industries such as meatworks and construction. The Victorian government estimates the measures will stop a further <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-08-03/victoria-coronavirus-cases-up-429-more-businesses-forced-to-shut/12517344">250,000 workers</a> from travelling to work.</p>
<p>The Victorian economy will probably be <a href="https://theconversation.com/eradicating-the-covid-19-coronavirus-is-also-the-best-economic-strategy-136488">better off</a> with this sharper, hopefully shorter lockdown than persisting with Stage 3 restrictions for many months.</p>
<p>The federal government has taken the sensible step of announcing pandemic leave disaster payments of $1,500 for those Victorians that need to isolate for 14 days. But it will need to do more to help Victorian businesses and households make it safely to the other side.</p>
<p><strong>Victoria was already struggling before stage 4</strong></p>
<p>Even before Sunday’s announcement of Stage 4 restrictions, economic activity in Melbourne was back down to similar levels to the first shutdown. Movement around the city, as measured by the number of times people used Apple Maps to get directions, was about half its February level.</p>
<p>By comparison, in Perth (where the virus has been effectively suppressed) drivers were out and about a little more than in February. Sydney was more or less back to normal, with a slight dip at the end of July as people curtailed their movements a little. Across all three cities public transport use remains dramatically below its normal levels, with Melbourne much further away from normal than Sydney and especially Perth.</p>
<p><img src="https://images.theconversation.com/files/350806/original/file-20200803-14-nshjlb.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></p>
<p><em><span class="caption">Movement in three cities.</span></em></p>
<p>The number of jobs in Victoria was <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/allprimarymainfeatures/D90A6BA872BC19D7CA25854F008214D1?opendocument">7.3% lower</a> in mid-July than in mid-March, a deeper fall than any other state. In inner Melbourne, the number of jobs was down nearly 10% from mid-March levels. Eight of the ten federal electorates hardest-hit by job losses are now in Victoria. Without JobKeeper, the picture would be much worse.</p>
<p><img src="https://images.theconversation.com/files/350808/original/file-20200803-16-18cxz7a.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></p>
<p><em><span class="caption">Jobs in three states.</span></em></p>
<p>Under the new restrictions on workplaces in Melbourne, employment in construction, manufacturing and retail will plummet. These industries employ about 900,000 Victorians between them. Not all of these people will be thrown out of work, but many will.</p>
<p><strong>JobKeeper and JobSeeker are needed even more</strong></p>
<p>The federal government should reconsider <a href="https://theconversation.com/bowing-out-gracefully-how-theyll-wind-down-and-better-target-jobkeeper-143011">its plans</a> to begin winding back JobKeeper and JobSeeker payments after September. JobKeeper is set to fall from A$1,500 to A$1,200 for full-time workers, and to A$750 for part-timers. And JobSeeker falls from $1,215 to $815 a fortnight.</p>
<p>These income-support programs were absolutely necessary in March when Stage 3 restrictions were imposed. They are even more necessary now, as Stage 4 restrictions put an even tighter clamp on economic activity, stretching many businesses to breaking point and throwing more Victorians out of work.</p>
<p>The “<a href="https://theconversation.com/how-to-get-both-jobkeeper-and-jobseeker-143109">tapering</a>” of these support payments clearly cannot happen from late September, as currently scheduled.</p>
<p>By the end of September Victoria will hopefully be out of Stage 4 restrictions. But at best Melbourne will be back to Stage 3, the same level of restrictions for which the federal government to introduced the JobKeeper and the JobSeeker schemes.</p>
<p>The eligibility rules for JobKeeper should also be reconsidered.</p>
<p>Some businesses whose revenue did not fall enough to qualify for JobKeeper in March will now take a bigger hit. Other companies that qualified in March but saw a rebound in June will be excluded by the current rules from receiving JobKeeper beyond September.</p>
<p>The federal government COVID-19 <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-08-03/federal-government-to-create-disaster-payment-coronavirus-leave/12518580">“disaster payment” </a> should help address the crucial problem of those without paid leave entitlements being forced to choose between self-isolating and going to work to pay their bills. But the scheme is palliative rather than preventative, since it only applies in states once community transmission has ramped up to disaster levels.</p>
<p><strong>Two-speed economy</strong></p>
<p>The diverging fortunes of Victoria and the rest of Australia gives new meaning to the term “<a href="https://treasury.gov.au/sites/default/files/2019-03/02_Resources_boom.pdf">two-speed economy</a>”.</p>
<p>The federal government may be reluctant to do what’s needed just for one state, given the recovery is progressing elsewhere, but that would be a mistake. Victoria accounts for one quarter of the national economy. There is no “<a href="https://www.afr.com/politics/federal/victoria-to-help-foot-the-bill-in-state-of-disaster-20200802-p55hrl">moral hazard</a>” here. No state is going to allow thousands of its citizens to catch a deadly virus on the expectation the federal government will turn on the fiscal taps.</p>
<p>The federal government should waste no time wrangling over who pays the costs of getting through the crisis. Trying to split the bill with Victoria will take valuable time, and only concentrate costs on the state hardest hit by the crisis.</p>
<p>Last week the federal government finalised arrangements to borrow A$15 billion through <a href="https://theconversation.com/the-government-has-just-sold-15-billion-of-31-year-bonds-but-what-actually-is-a-bond-143598">issuing 31-year bonds</a>. These bonds have a fixed interest rate of 1.94%, below the bottom of the Reserve Bank’s inflation target band.</p>
<p> </p>
<p>That means investors buying the bonds were willing to lend money to the federal government and most likely get back less, in inflation-adjusted terms, three decades from now. And investors were queuing up to buy them. In fact the government could have sold <a href="https://www.aofm.gov.au/program/forthcoming-transactions/pricing-new-june-2051-treasury-bond">A$37 billion worth</a>, rather than A$15 billion.</p>
<p>The federal government should use this ample fiscal firepower to ensure Victorians get through this crisis. Australia’s economy won’t recover unless Victoria does too.<img src="https://counter.theconversation.com/content/143840/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;"></p>
<p><em><a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, Program Director, Household Finances, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/matthew-cowgill-729072">Matthew Cowgill</a>, Senior Associate, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a></em></p>
<p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australia-wont-recover-unless-victoria-does-too-the-federal-government-must-step-up-143840">original article</a>.</em></p>
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